Prepare financial statements, Accounting Basics

Accounting information systems' output is required by external and internal users for decision making. you are required to use the following trial balance to prepare financial statements suitable for external and internal users of information.

                                                                       dr                                          cr
1000 Cash                                                     16,270,000
1300 Debtors                                                     220,000
1400 Research fees receivable                            400,000
1600 Supplies inventories                                   510,000
1800 prepaid insurance                                        27,500
2100 land                                                       2,000,000
2200 Building                                                 6,000,000
2300 Accumulated depreciated-building                                                           50,000
2400 Equipment                                             7,200,000
2500  Accumulated depreciated-equipment                                                      120,000
3400 Salaries and wages payable                                                                    60,000
3500 Interest payable                                                                                      31,400
3700 services to be rendered for deposit-received                                              5,500,000
4000 Notes payable                                                                                      6,500,000
5000 capital                                                                                                20,000,000
6000 Revenue from services rendered                                                              1,420,000
7000 salaries and wages expenses              660,000
7200 supplies expenses                              90.000
7300 depreciation-expense-equipment          120,000
8000 Depreciation-expense-building               50,000
8100 Insurance expense                                 2,500
9000 Interest expense                                  31,4000
                                                               33,681,400                                33,681,400
1.salaries and wages owing         #40,000
2.Prepared insurance expenses       2,000
3. provide for company's income tax at 30%
4.provide 1%dividend on 20,000,000 ordinary issued shared capital.

Posted Date: 2/25/2013 11:00:20 AM | Location : United States

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